President Trump's second term has prominently featured sweeping tariffs aimed at revitalizing American manufacturing and jobs. These tariffs, initiated with a promise of 25% on imports from Mexico and Canada, have since expanded to a blanket 10% on goods from nearly all trading partners, affecting around 60 nations. Critics, including the Bank of England, caution that such measures could dampen global economic growth, escalate market volatility, and strain international cooperation. Responses from global partners, like the proposed EU tariffs on US goods, may exacerbate these tensions and fear of instability in financial markets.
Trump's tariffs, intended to reshape global trade and protect American jobs, risk creating significant financial instability and could adversely impact global economic growth.
The Bank of England warns that tariffs may compromise international cooperation in trade, which might lead to instability in financial systems and decreased resilience.
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